If you are struggling to make the monthly mortgage payments on your home, foreclosure is not your only option. In fact, it should be the last options that you have left after you have exhausted all other avenues. A foreclosure judgment against you will have a severe impact upon your credit for years to come. It will make it difficult for you to secure housing after you are forced to move out of your home. You do not have to face foreclosure; you can still ask for a loan modification or seek out short sale help in order to reduce your monthly payments to something that is more manageable.
The last thing that a mortgage lender wants to do is go through the expensive and lengthy process of a foreclosure. They have to pay court costs and man hours for foreclosures. These lenders would much rather come to some sort of agreement or settlement in order to satisfy the debt without a foreclosure, especially given the high number of homes that are going through foreclosure proceedings right now. Your lender will be much more apt to reach some type of settlement with you then have to go through the back logged courts. A loan modification or some short sale help will get you back in control of your finances and out of the stressful situation that you are in.
If you are interested in obtaining a loan modification or some short sale help then it is imperative that you enlist the services of a skilled and professional lawyer to represent you. Your lawyer will deal with your mortgage lender and try to work out some type of deal so that you do not have to foreclose on your home. Make sure that you research the lawyer that you are hiring to make sure that they have the experience and knowledge needed to get you a successful outcome.
The right lawyer will be able to negotiate with the mortgage company and come up with a reduction in your monthly loan payment if you have your loan modified. Or, in the case of a short sale, your lawyer will significantly reduce and possibly eliminate the amount of money that you owe your lender. Don't go into the situation blind, get the right information to come out on top.